Table of Contents
- How Do Online Title Loans Work?
- How Much Can I Get with Online Title Loans?
- Can I Keep My Car with Online Title Loans?
- Can I Get Online Title Loans in Ohio?
- How Many Online Car Title Loans Can I Have?
- Are There Restrictions with Online Car Title Loans?
- How Do I Pay Back My Online Car Title Loans?
- What are the Interest Rates with Online Title Loans?
- Do Car Title Loans Require Credit Checks if Obtained Online?
- Do Title Loans Online Require a Good Credit Score?
- Surprising Ways to Improve Your Credit
- What is the Process for Online Title Loans?
Online loans are a great option for individuals whose finances have been disrupted by financial burdens such as an excessive medical bill or an unexpected trip to the vet. However, a lot of people find the loan process to be tedious and a huge hassle.
In order to get a loan, you usually have to make an appointment to see a loan agent, travel to the brick-and-mortar store location, and spend time completing the arduous process. And to top it off, sometimes you may even have to wait up to a week to receive your money!
However, did you know that you could get car title loans online? When you get a car title loan online, you could get manageable terms!
If you are looking for ways to obtain emergency money for your financial situation, know that you have various options available to you. If you want to avoid unnecessary bank appointments and rearranging your schedule, consider online title loans!
There are numerous reasons why someone may need fast cash, from hospitalization to an emergency dental procedure. There’s no need for you to visit a store in person for any reason. The majority of the process, from the inquiry to receiving your funds, can be accomplished online.
Keep reading to learn more about the process and about one of the best financial options out there!1
How Do Online Title Loans Work?
Title loans are one of the most popular loan options for funding. Title loans are called many different names, such as:
- Pink Slip Loans
- Auto Equity Loans
- Auto Title Loans
- Car Title Loans
In order to inquire for online title loans, you must have a qualifying car title in your name. The car title is used as collateral to secure the loan. Upon approval, a lien is added to the car title.
If the borrower cannot repay the loan, then the loan defaults and the car may be repossessed. However, there are many steps between default and repossession so don’t think that if you experience financial issues that you will automatically lose your vehicle.
How Much Can I Get with Online Title Loans?
The amount you could get with an online title loan varies based on the title loan option you choose, your income, and your car. Title loans all have different minimum and maximum loan amounts.
Your income must be enough to satisfy the monthly payments without hardship, and the equity in your car must be enough to secure the loan. You can easily find out the equity in your car by having your car appraised at a dealership or by using an online title loan calculator.
Can I Keep My Car with Online Title Loans?
One worry borrowers have with title loans is the possibility of losing access to reliable transportation. Luckily, when you choose online title loans, you can keep driving your car while you make monthly title loan payments!
Can I Get Online Title Loans in Ohio?
While each state in the U.S. has its own set of rules for loans, qualified Ohioans may be able to get title loans completely online. Thanks to title loans in Louisville, and other cities across the country. If you have internet access and a lien-free car title in your name, you may be eligible for a variety of loan options.1
How Many Online Car Title Loans Can I Have?
People who own more than one automobile may be eligible for more than one Car Title Loan. A separate loan can be taken out for each automobile if the application is approved.
Once the title loan is paid off, most states allow a person to immediately apply for another.
Are There Restrictions with Online Car Title Loans?
If approved for online title loans, the money can be spent as needed. Whether a medical emergency or the need to visit the grocery store, the money is available to do with as needed. We only ask that the loan is repaid as per the terms of the loan documents.
How Do I Pay Back My Online Car Title Loans?
Once you have received your loan, you’ll begin the repayment process located on your loan documents, along with any interest that has accrued on your loan. Our goal is to get you the money you need without all the hassle.
What are the Interest Rates with Online Title Loans?
The interest rate is one of the most costly aspects of borrowing money. Borrow confidently knowing that online title loans differ from any other financial option.
Online title loans offer qualified borrowers competitive rates that are based on up to date market analysis. So there’s no need to worry about sky-high interest rates that leave you struggling with repayment!
Do Car Title Loans Require Credit Checks if Obtained Online?
When you obtain any type of loan, even car title loans online, you must go through a credit check. There are two types of credit check inquiries:
- Soft credit checks
- Hard credit checks
When you make an inquiry for a car title loan, you may go through a soft credit check. This type of credit check does not affect your credit and does not appear on your credit report. Soft inquiries are done to view your payment history and current loans.
When you decide to officially go through the car title loan process, the lender you work with will perform a hard credit check. A hard credit check will affect your credit by a few points and will appear on your credit report.
However, you should know that credit is not typically an important factor for car title loan qualification. If you are concerned that you will not qualify for emergency funding due to low credit, think again. It’s entirely possible for individuals with unestablished or bad credit to be deemed eligible for a online title loans.1
Do Title Loans Online Require a Good Credit Score?
If you have low or unestablished credit, the thought of a credit check may stress you out. Most lenders require good credit for qualification, leaving many individuals in need of emergency cash without financial support.
However, know that one key feature of online title loans is that the qualification requirements are flexible!1 When you do apply for title loans online, your credit score may not be factored into the eligibility decision. Instead, a title loan agent will focus on your ability to repay the title loan and the equity in your car.
So even with bad credit, you could still be eligible for financial support with a title loan!1
Surprising Ways to Improve Your Credit
If you’ve fallen on hard times and are behind on payments, you may feel like your credit score is a lost cause. Your credit history is used to assess risk whenever you apply for a loan. If you have a poor credit history, you may have a hard time getting a loan from a traditional lending facility, but fixing your score may be easier than you think.
- Pay Attention
Pay close attention to your credit history and obtain a copy of your report at least once a year. Watch for transactions that are fraudulent and close out any debts that you can pay off.
- Keep Debt Amounts Low
Avoid credit cards if possible and keep your debt amount as low as possible. Car Title Loans do require a credit check, but it is not the determining factor. This makes Car Title Loans a viable option for those looking to improve a credit score.
- Pay Often
If you owe money on debts or credit cards, don’t wait until you have the entire sum saved up to pay them off. Make smaller payments to lower your debts on a regular basis.
- Pay On Time
If you make your payments on time, you are working to improve your credit score.
- More Credit is Better
One thing worse than having bad credit is having no credit. Don’t be afraid to ask for increases on your credit line to improve your ratio. Make sure you keep your spending in check when you open up a larger credit line.
What is the Process for Online Title Loans?
If online title loans sound like a good financial option, then you can easily start the inquiry process today!
Inquire Online for a Title Loan
You will be asked for your car’s make, model, year, style, and mileage. If you are eligible, you may receive a preapproved title loan estimate!1
Sending in Your Paperwork for a Title Loan
If you are eligible for online title loans, you will be contacted by a loan agent to send in your paperwork.
To complete the approval process, you must upload the following documents online:
- Car Title (in your name)
- Valid Identification (state ID, driver’s license, etc.)
- Proof of Income (bank statements, paychecks, etc.)
- Proof of Address (recent utility bills, credit card statements, etc.)
Additional documentation may be requested before your loan is approved. If so, you can provide it easily and quickly thanks to the online process.
Your car’s current condition must also be verified. However, instead of an in-person vehicle inspection, you can simply upload photos of the car! Make sure the photos are taken in bright light and show every angle of the car. You will also have to include a photo of the vehicle identification number (VIN).
Signing the Title Loan Agreement
After you upload all of the necessary paperwork online, a loan agent will verify your information. Once your information is in order and you have been approved for the loan, a title loan agreement will be drawn up and you will receive your repayment terms. Now is the time to ask questions and receive clarification.
Once you sign the title loan agreement, you can choose how you would like to receive your money. You will be offered three options for money retrieval:
- Pick Up Money in Person at MoneyGram
- Receive a Check in the Mail
- Get Direct Deposit